Fintech Flutterwave secures money transfer licenses in US

The licenses enable Flutterwave users to experience faster, cheaper, and more secure transfer of money from the US to Africa and vice versa

The Nigerian fintech unicorn, Flutterwave, revealed on December 7 that it has obtained money transfer licenses in 13 states in the U.S.

Flutterwave Chief Executive Officer suggested that the fintech expects to expand its presence in the country by obtaining more such licenses.

The licenses enable Flutterwave users to experience faster, cheaper, and more secure transfer of money from the United States to Africa and vice versa. Flutterwave’s partnership with a licensed financial institution also means that it can now serve customers across 29 states in the U.S.

As per Flutterwave’s December 7 statement, the licenses secured by the fintech not only enable its sending application but also enterprises that use its platform for last-mile payout across the world.

Stephen Cheng, the executive vice president for Global Expansion and Partnership, remarked on the fintech’s latest milestone, saying, “Getting these licenses expands our regulatory footprint, shows our ability to deliver services with safety and soundness, and fosters trust of regulators, partners, and customers. We are growing and are committed to servicing customer requirements in as many geographies as possible with a considerable African diaspora.”

Olugbenga Agboola, the founder and Chief Executive Officer at Flutterwave, said that getting licensed by U.S. regulators moves the fintech closer to its aim of connecting Africa to the world and vice versa by simplifying the payments procedure.

In addition to getting approvals from regulators in the U.S., the fintech has been working with African regulators. This has resulted in the fintech getting approved by the Nigerian and Malawian central banks.